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News highlights of the day: India's economy to be USD 5 trillion by 2025, says Paytm founder

This blog will keep track of key global and local developments impacting business and markets through the day. Important local and global political developments will also find resonance here.

January 18, 2018 / 10:05 pm IST

22:06 That's all for today, readers. Thanks for staying on with our coverage of the day's action. Your enthusiasm encourages us to better our coverage every day. Do come back tomorrow for more news, views and insights.

21:46 UDAN: Viability gap funding to get 3-year exemption from GST

The GST Council today decided to provide a three-year GST exemption for viability gap funding given under the regional air connectivity scheme.

The scheme, also known as UDAN (Ude Desh ka Aam Naagrik) seeks to connect unserved and under-served airports as well as make flying more affordable. The participating airlines are eligible for VGF subject to certain conditions. (PTI)

21:33 India rise 3 places to occupy 102nd spot in FIFA rankings

India jumped three rungs to be placed 102nd in the first FIFA rankings of the year released today. India, who are just above 103rd placed Qatar, are ranked 14th among Asian countries. (PTI)

21:19 Tech Mahindra to pick up 17.5 percent stake in Altiostar for $15 million

IT company Tech Mahindra today announced it will acquire 17.5 per cent stake in US-based telecom software development company Altiostar Networks for USD 15 million in a cash deal. (PTI)

21:02 No action can be taken against Hafiz Saeed: Pakistan PM

Pakistan will not act against Hafiz Saeed 'sahib' as there is no case registered against him in the country, Prime Minister Shahid Khaqan Abbasi has said, giving a clean chit to the 2008 Mumbai attack mastermind.

Saeed, the chief of the Jamaat-ud-Dawah (JuD), was released from house arrest in Pakistan in November. (PTI)

20:31 India's economy to be USD 5 trillion by 2025: Paytm founder

Indian economy is set to double to USD 5 trillion in the next 7-8 years as booming consumption of digital services would support addition of about USD 2.5 trillion to the country's wealth, Paytm founder Vijay Shekhar Sharma said today. (PTI)

20:15 Kingfisher case: Court orders issuance to Vijay Mallya, 18 others on SFIO complaint

A court has directed issuance of arrest warrant against defaulter businessman Vijay Mallya and 18 others in the Kingfisher Airlines case, on a complaint filed by the Serious Fraud Investigation Office (SFIO).

The probe agency, which comes under the corporate affairs ministry, has come across various violations of companies law in the case related to Kingfisher Airlines, which was grounded in 2012. (PTI)

20:02 Kamal Haasan bats for "Dravidian" identity to take on Centre

Top actor Kamal Haasan, who is set to embark on a political tour of Tamil Nadu next month, today batted for unity among Southern states under the "Dravidian" tag to leverage ties with the Centre.

"It is our identity, and it will give the southern states a leverage with the Centre," the actor said. (PTI)

19:38 Bharti Airtel Q3 result: Net profit tanks 39 percent to Rs 306 crore

> India's largest telecom operator Bharti Airtel today reported over 39 percent fall in its consolidated net profit for Q3 ended December 31 to about Rs 306 crore.
> Bharti Airtel's net profit stood at Rs 504 crore in the same period previous fiscal.
> The company saw its overall revenue decline 13 percent to Rs 20,319 crore. The company's revenue was pegged at Rs 23,336 crore in the corresponding period last financial year.
> Bharti Airtel's overall customer base stood at 394.2 million across 16 countries, which was 9.2 percent higher over the year-ago period.

19:24 GST Council has cut rate on used motor vehicles and bio fuel powered buses from 28 percent to 18 percent, raised rate on cigarette filter rods to from 12 percent to 18 percent.

19:20 GST Council has approved rate changes of 29 goods and 53 categories of services, the Finance Minister said after the GST Council meet.

19:16 Deputy CM of Bihar and member of the GST Council, Sushil Modi has told CNBC TV18 that he expects slower GST collection than what was collected in November.

19:12 Talking about implementation of the E-way bill from February 1, Sushil Modi, the deputy Chief Minister of Bihar and member of the GST Council told CNBC TV18 that the Council has suggested states to 'start slow and not penalise'.

19:09 Speaking about the inclusion of Real Estate in GST, the finance minister has said that the matter is yet to be discussed.

19:04 FM Arun Jaitley said that the "composition scheme has not been enthusiastically responded to", adding that collections with respect to the composition scheme remain a matter of concern.

19:01 FM Arun Jaitley said that 15 states are ready to roll-out the intra-state E-way bill from February 1.

19:00 Finance Minister Arun Jaitley said that initially there will be a 3B return form and there would be a suppliers' invoice.

18:58 Finance Minister Jaitley said that the Council also reviewed the GST collections and felt that it is necessary to build in anti-evasion measures.

18:56 The finance minister said that the council felt that the Ministers' group, the IT committee and Nandan Nilekani should discuss simplification of the return filing process and formalise the alternative system following a video conference meeting soon.

18:54 Speaking at a press conference following the GST Council meeting in Delhi, Finance Minister Arun Jaitley has said that simplification of the return filing process was a major topic of discussion at the meeting today.

18:44 The GST Council meeting has ended. Finance Minister Arun Jaitley is expected to brief the media shortly.

18:37 GST Council meet update: Rs 35,000 crore of the money collected from IGST will be distributed to the states, J&K Finance Minister Haseeb Drabu has told CNBC TV18.

18:30 GST Council meet update: Jammu and Kashmir Finance Minister Haseeb Drabu has told CNBC TV18 that Nandan Nilekani, who made a presentation at the GST Council meet today, wants matching to happen at the level of the buyer and seller. "Today's discussion with Nandan Nilekani was conceptual," he added.

18:08 Updates from the GST Council meeting:

Uttarakhand Finance Minister has said that GST rate on 29 items cut to 0 percent, mainly on handicraft.
> GST rate on 49 other items reduced, he has added.
> The Council will hold video conference in 10 days to discuss simplification of filing tax returns.
> The Uttarakhand FM also has said that rates of some items have been reduced from the 12 and 18 percent brackets. Rates have been reduced on some agricultural items.
> Decision on petroleum products is pending as of now, he added.

17:45 Telcos can't give excuses for rising call drops: Department of Telecom Secretary

In a stern message to telecom operators, DoT today said the industry can't give excuses like problems in installing mobile towers for rising call drops and asked them to get their act together to tackle the issue.

Telecom Secretary Aruna Sundararajan told PTI in an interview that the Department of Telecom (DoT) will meet the industry after January 21 as soon as TRAI report comes out on quality of mobile services benchmarked on the regulator's new call drop formula. (PTI)

17:32 AAP to contest all elections in Maharashtra from now on: Brigadier (retd) Sudhir Sawant

Brigadier (retd) Sudhir Sawant, who recently joined the Aam Aadmi Party (AAP), today said that the party's Maharashtra unit would contest all elections barring gram panchayat polls.

He said that the party would be setting up a group called the "Friends of Farmers" in which well informed volunteers would interact with farmers of different states and solve their agrarian woes. (PTI)

17:15 Chinese airlines permit mobile phones on flight mode

Several Chinese airlines have begun allowing passengers to use mobile phones in flight mode from today, lifting a ban on their use during flights.

Other portable electronic devices could be used in flight mode, while on planes with WiFi, passengers could access the internet using tablets and laptops but not phones. (PTI)

16:50 FM Arun Jaitley holds pre-Budget meet with state finance ministers

Finance Minister Arun Jaitley today held pre-Budget consultations with his state counterparts during which they offered suggestions on various fiscal policy and budgetary measures.

This is part of the customary pre-Budget consultation which the Union Finance Minister holds with his state peers. (PTI)

16:37 China's 2017 GDP growth accelerates, first time in seven years

China's economy grew faster than expected in the fourth quarter of 2017, as an export recovery helped the country post its first annual acceleration in growth in seven years, defying concerns that intensifying curbs on industry and credit would hurt expansion.

The official growth figures released on Thursday are welcome news for Beijing policymakers who are looking to cut debt and pollution in older industries without stunting growth in the world's second-largest economy. (Reuters)

16:22 Israeli PM Netanyahu pays tributes to 26/11 terror attack victims

Israeli Prime Minister Benjamin Netanyahu today paid tributes to the victims of the 26/11 Mumbai terror attacks.

Netanyahu, along with Maharashtra Chief Minister Devendra Fadnavis, laid wreath at the memorial of the terror attack victims, that claimed 166 lives, at the iconic Taj Mahal Palace Hotel in south Mumbai under a heavy security blanket. (PTI)

16:09 BREAKING | Diesel price rises to a new record high. Petrol moves closer to Rs 80 per litre in Mumbai, Diesel at Rs 62.25 per litre.

16:05 Emirates orders 36 A380s, potentially saving the 'superjumbo' programme

Dubai-based airline Emirates has ordered 36 A380 aircrafts from Airbus for USD 16 billion list price, potentially saving the programme.

Airbus had said that it would 'kill' the program if Emirates, which is the aircraft model's largest user, does not order more 'superjumbos'.

Airbus, confirmed the development in a release that Emirates had committed to buying 20 A380s and had 16 options. In its own release, Emirates said that the order would take their total A380 commitment to 178 aircrafts 'underscoring their confidence in the programme'. The deliveries are expected to start in 2020. The Airbus A380 is a double-decker, wide-body aircraft and is currently the largest commercial aircraft.

15:55 Plan early to get discounts on train travel, says railway panel
Just like air travellers, railway passengers planning their journey in advance could get cheaper deals, if the recommendations of a fare review committee are approved by the Railway Board, reports PTI. The committee, which submitted its report earlier this week, has suggested graded discounts depending on the number of vacant seats in a train, sources said.

Similar to the modus operandi of airlines, which offer heavy discounts to passengers if they book their tickets months in advance, the committee, officials said recommended discounts from 50% to 20% depending on the number of vacant seats available at the time of booking. The panel has also proposed discounts for tickets booked after charting. It has said that discounts can be offered in slots from two days to two hours before the departure of the train.

The committee has also said that passengers will have to pay more for choosing lower berths, just like air travellers pay more for front-row seats. However, officials say that senior citizens, people with disabilities and pregnant women could be allotted the seats free of charge. The committee has also suggested that fares be increased for those trains which reach their destinations at "convenient" times such as early morning as against those that arrive at "odd hours" for example between 0000 and 0400 hours and 1300 and 1700 hours, the officials said.

15:52 Pak summons Indian envoy over 'ceasefire violations'
Pakistan summoned India's Deputy High Commissioner JP Singh over the alleged "unprovoked ceasefire violations" by Indian troops across the Line of Control which resulted in the death of two women, reports PTI. Director General (South Asia and SAARC) Mohammad Faisal summoned Singh and "condemned the unprovoked ceasefire violations" by Indian forces, the Foreign Office said.

Faisal alleged that the Indian forces fired across the Working Boundary on January 18 in Sialkot Sector, killing two women - 45-year-old Perveen Bibi and 20-year-old Ayesha - and injuring five civilians. "The Indian forces along the Working Boundary started indiscriminate and unprovoked firing with heavy mortars and automatic weapons since last night on the civilian populated villages in Sialkot," Faisal said.

He said in 2018, the Indian forces have carried out more than 110 ceasefire violations along the Line of Control and the Working Boundary in just 18 days, resulting in the killing of three civilians, while injuring 10 others.

15:49 The Sensex rises 178.47 points to end at a new closing peak of 35,260.29. The Nifty gains 28.45 points to a record 10,817.

15:48 Netanyahu pays tributes to 26/11 terror attack victims
Israeli Prime Minister Benjamin Netanyahu paid tributes to the victims of the 26/11 Mumbai terror attacks, reports PTI. Netanyahu, along with Maharashtra Chief Minister Devendra Fadnavis, laid wreath at the memorial of the terror attack victims, that claimed 166 lives, at the iconic Taj Mahal Palace Hotel in south Mumbai under a heavy security blanket.

15:44 Panacea Biotec partners Serum Institute for hexavalent vaccine
Biotechnology firm Panacea Biotec has signed two long-term agreements with vaccine manufacturer Serum Institute of India (SII) and its wholly-owned subsidiary to manufacture and sell a type of hexavalent vaccine. The vaccine is a combination of six antigens to protect against Diphtheria, Tetanus, Pertussis, Hepatitis B, Haemophilus influenza type B and Polio.

15:34 Yes Bank Q3 FY18 profit rises 22% YoY
Private sector lender Yes Bank has reported a profit growth of 22% YoY despite a sharp jump in provisions for bad loans, driven by non-interest income and operating income. Profit for the quarter increased to Rs 1,076.87 crore from Rs 882.63 crore in year-ago.

Net interest income, the difference between interest earned and interest expended, grew 27% YoY to Rs 1,888.8 crore for quarter ended December 2017. Asset quality improved as gross non-performing assets (NPAs) were lower at 1.72% compared to 1.82% in the year-ago period. Net NPAs were also lower at 0.93% from 1.04% YoY.

15:17 Pawan Hans chopper crash: AAIB wants BCAS to probe sabotage angle
The Aircraft Accident Investigation Bureau (AAIB) has written to aviation security regulator BCAS to look into a sabotage angle in the Pawan Hans chopper crash that killed all the seven on board last Saturday, reports PTI. The Eurocopter Dauphin N3 chopper with seven on board, including five senior ONGC officials and two pilots, crashed off the Mumbai coast minutes after it took off from the Juhu aerodrome for the state-owned oil and gas major's installations in the Bombay High fields on January 13.

14:57 Exercise? I get more than people think, Trump says
Do not expect US President Donald Trump to hit the gym, despite his doctor’s orders, reports Reuters. He gets plenty of exercise on the golf course and at the White House complex, the president said on Wednesday. “I get exercise. I mean I walk, I this, I that,” Trump, 71, said during an Oval Office interview. “I run over to a building next door. I get more exercise than people think.” Dr Ronny Jackson, the White House physician, said on Tuesday that Trump was in excellent health overall but needed to lose weight, eat better, and break a sweat more often.

14:43 India to set up $350m fund to finance solar projects
India will set up a $350 million fund to finance solar projects, Power Minister RK Singh said, as the country steps up efforts to achieve its ambitious target of adding 175 GW in renewable energy by 2022, reports Reuters. India will need at least $125 billion to fund a plan to increase the share of renewable power supply in the country’s grid by 2022, underlining the immense financing challenge ahead.


14:18 UltraTech Cement Q3 profit falls 23% on raw material price riseUltraTech Cement, part of the Aditya Birla Group, posted a 23% drop in Q3 FY18 profit, hurt by rising pet coke and coal prices. Profit fell to Rs 4.56 billion for the quarter-ended December 31, from Rs 5.95 billion a year ago, the company said. Quarterly performance was also hurt by the ban of pet coke usage in some states, it added. However, net sales rose to Rs 78.97 billion from Rs 59.27 billion.


14:12 HDFC Bank m-cap crosses Rs 5L cr markHDFC Bank breached a market valuation of Rs 5 lakh crore, becoming the third company to achieve this milestone after Reliance Industries and Tata Consultancy Services (TCS). The bank's market capitalisation (m-cap) stood at Rs 5,02,859.55 crore in afternoon trade, making it the first bank to cross Rs 5 lakh crore m-cap mark. The stock hit one-year high of Rs 1,953.75, up 3.31%. Shares of the company were trading 2.82% higher at Rs 1,944.50 apiece on the BSE at 1340 hours.

14:06 India eyes doubling of foreign tourists to 20m by 2020
India, which saw a record number of Foreign Tourist Arrivals (FTA) of 10 million in 2017, is targeting to double this number in next three years, Minister of State Tourism KJ Alphons said. "We crossed 10 million FTAs in 2017 and if we include non-resident Indians visiting the country then the number went up to over 17 million. In dollar terms our earnings have gone up by 20.2%, which is a very good growth compared to the world tourism that grew by less than 5%," the minister said on the sidelines of OTM 2018.


14:04 Maruti to launch new avatar of Swift at Auto Expo; bookings open on Jan 18Maruti Suzuki is all set to launch the much-awaited new avatar of Swift next month at the Auto Expo, and has opened the bookings from today. This will be the first major overhaul of the iconic model since its launch in 2005 and will feature a platform change, the one which is also seen on the Baleno. The Auto Expo starts on February 7 and ends on February 14.

The car will be available in two fuel options across 12 variants, with a combination of six colours. The Swift will also have automatic gear shift option on four variants, both petrol and diesel engines. The company has opened bookings of the car for Rs 11,000 across over 2300 Maruti Suzuki India showrooms. The new Swift will compete against Honda Brio, Hyundai Grand i10, Toyota Etios Liva, Volkswagen Polo.

13:36 Volkswagen says studying electric vehicle market closely
German auto major Volkswagen is monitoring electric vehicle scenario in India and will be ready with its range of products for the country as soon as the market is ready, a company official said.

"Volkswagen Group is studying the developments on electric vehicles in India closely ... As and when the Indian market is ready for electric vehicles, the Volkswagen Group will also be ready with its products," a company spokesperson told PTI.

13:23 India Ratings projects economic growth at 7.1% next fiscal
India Ratings and Research projected the country's economic growth to improve to 7.1% next fiscal from 6.5% this year, buoyed by robust consumption demand and low commodity prices. In its outlook for 2018-19, the agency said there will be a gradual pick up in growth momentum owing to structural reforms like GST and Insolvency and Bankruptcy Code (IBC) in place.

"While the implementation of GST is likely to benefit the economy over the medium- to long-term, the same cannot be said about the impact of demonetisation," India Ratings & Research (Ind-Ra), a subsidiary of Fitch Ratings, said.

13:08 JUST IN: Hafiz Saeed named in the chargesheet filed by NIA in Patiala House Court in connection with terror funding case.

13:05 Newgen Software IPO subscribed over 2 times

The initial public offer (IPO) of IT firm Newgen Software Technologies was fully subscribed by afternoon trade, the final day of the offer.

The IPO, which aims to raise Rs 425 crore, received bids for 2.58 crore shares as against the total issue size of over 1.22 crore scrips, registering a subscription of 2.11 times, NSE data till 12:30 hours showed. The portion reserved for retail investors was subscribed nearly two times, while that for qualified institutional buyers (QIBs) witnessed a subscription of 10%.

13:02 China economy rebounds in 2017 with 6.9% growth

China's economy grew a forecast-beating 6.9% in 2017, picking up steam for the first time since 2010, official data showed today. Analysts surveyed by AFP had predicted 6.8% growth, which was better than the government target of around 6.5%.

The performance was a welcome uptick for the world's second largest economy, which registered 6.7% growth in 2016, the slowest for more than a quarter of a century. The reading comes as China kicks its war on pollution into full gear, halving industrial production for some steel smelters and mills this winter.

The National Statistics Bureau said the economy expanded 6.8% in the final three months of the year, matching its third quarter growth but slightly down from the 6.9% in each of the previous two quarters.

12:47 Tripura to go to polls on Feb 18, Meghalaya & Nagaland on Feb 27
The Election Commission has announced poll dates for Meghalaya, Tripura and Nagaland assembly elections. Tripura will go to the polls on February 18, whereas Meghalaya and Nagaland will vote on February 27. The Chief Election Commissioner of India (CEC) said counting in Tripura, Meghalaya and Nagaland will happen on March 3.

12:39 Karti Chidambaram, the son of senior Congress leader P Chidambaram, today appeared before the ED in connection with its probe into the INX Media money laundering case.

Karti was summoned by the agency to appear before the Investigating Officer (IO) of the case today.

His authorised representative had met the IO on the last two occasions and the central probe agency had subsequently asked him to appear himself.

12:27 Terror funding case: NIA files chargesheet against LeT, Hizbul chiefs, 10 others
The National Investigation Agency (NIA) filed a charge sheet against 12 people, including Lashkar-e-Taiba chief Hafeez Saeed and Hizbul Mujahideen head Syed Salahuddin, in a case related to alleged funding of terror and secessionist activities in the Kashmir Valley, reports PTI. The NIA filed the 1,279-page charge sheet before a designated court in New Delhi and sought permission to continue its probe.

12:06 SC stays Guj, Raj order prohibiting Padmavaat release
The Supreme Court has paved the way for all-India release of controversial Bollywood movie Padmavaat on January 25, reports PTI. The apex court has stayed the notification and order issued by Gujarat and Rajasthan prohibiting exhibition of Padmavaat in their respective states. It has also restrains any other state from issuing similar notifications and orders prohibiting screening of Padmaavat. “States are obliged to maintain law and order in their respective areas.”

12:00 Virat Kohli named ICC Cricketer of the Year, ICC ODI Player
In phenomenal form across formats, Indian captain Virat Kohli was named the world cricketer of the year, besides bagging the top honour for ODI players in the ICC annual awards announced in Dubai. In the qualification period from September 21, 2016 to the end of 2017, Kohli scored 2,203 Test runs at an average of 77.80 including eight centuries, 1,818 ODI runs including seven centuries at 82.63, and 299 T20I runs at a strike rate of 153.

He also captained India to the top of the ICC Test rankings. "It means a lot to win the Sir Garfield Sobers Trophy for becoming the ICC Cricketer of the Year 2017 and also the ICC ODI Player of the Year," Kohli was quoted as saying in an ICC statement. "I won that back in 2012 also but it's the first time winning the Garfield Sobers Trophy, and it's a huge honour for me. It's probably the biggest of all in world cricket and two Indians getting it back-to-back makes it more special," he added.

11:47 CJI meets four senior-most SC judges
Chief Justice of India Dipak Misra held a meeting with four senior-most Supreme Court judges to resolve issues raised by them during a press conference on January 12, reports PTI. The meeting between the CJI and four judges - Justices J ChelameswarRanjan GogoiMadan B Lokur and Kurian Joseph - lasted for around 10-15 minutes before resumption of court proceedings at 10:30 am, court sources said. They said that no other judge was present at the meeting.

11:43 SC refuses to entertain plea to restrict media from reporting judges' controversy
The Supreme Court refused to entertain a plea seeking to restrain the media from publishing, discussing and politicising issues raised by four senior-most judges in the January 12 press conference, reports PTI. A bench headed by Chief Justice Dipak Misra said it will look into the matter only after the apex court Registry takes the petition on record and lists it for hearing. Four senior-most judges - Justices J ChelameswarRanjan GogoiMadan B Lokur and Kurian Joseph - had in an unprecedented presser on January 12 raised a litany of problems, including the assigning of cases in the apex court, and said there were certain issues afflicting the country's highest court.

11:38 Dilip Buildcon bags Rs 730cr road project from NHAI
Highway developer Dilip Buildcon (DBL) has bagged a road project worth Rs 730 crore in Madhya Pradesh from NHAI. "The company has been declared L-1 bidder by the National Highways Authority of India (Nhai) for an engineering, procurement and construction (EPC) road project in Madhya Pradesh," Dilip Buildcon said in a BSE filing. The project is for construction of four laning from km 624.480 to km 653.225 (delinked stretch of Seoni-MP/MH border) of NH-7 in Madhya Pradesh.

11:34 NYT, CNN, Time, The Washington Post bag Trump fake news awards
US President Donald Trump has declared 'The New York Times' as the winner of the 'Fake News Award', reports PTI. Others in Trump's unique award were 'ABC News', 'CNN', 'Time' and 'The Washington Post'. Trump announced the award by a tweet. Topping the list was The New York Times' Paul Krugman story which claimed on the day of Trump's historic, landslide victory that the economy would never recover. ABC News' Brian Ross was positioned second. It "CHOKES and sends markets in a downward spiral with false report," the website said.

'CNN' received the third prize for "FALSELY" reporting that candidate Donald Trump and his son Donald J Trump Jr had access to hacked documents from WikiLeaks. The 'Time' magazine was place fourth for "FALSELY" reporting that Trump removed a bust of Martin Luther King, Jr from the Oval Office. "The Washington Post" was placed last for "FALSELY" reporting the president's massive sold-out rally in Pensacola, Florida was empty.

11:19 India successfully test-fires Agni-5 ballistic missile
India successfully test-fired its nuclear capable surface-to-surface ballistic missile Agni-5 - the most advanced missile in the Agni series with a strike range of over 5,000 km - from a test range off Odisha coast, reports PTI. The user associate test-flight of the missile has further boosted indigenous missile capabilities and deterrence strength of the country. All radars, tracking systems and range stations monitored the flight performance, defence sources said.

Describing the trial as "fully successful", the sources said, the sophisticated missile travelled for 19 minutes and covered 4,900 km. The sleek missile was test-fired from a canister launcher, mounted on a mobile platform, at about 9.54 am from No 4 launch pad of the Integrated Test Range (ITR) in Abdul Kalam Island, earlier known as Wheeler Island, they said. After four successful developmental trials, this was the first user associate test of Agni-5 missile, the sources added.

10:58 Netanyahu meets India Inc over power breakfast in Mumbai
Israel Prime Minister Benjamin Netanyahu met top leadership of India Inc for a power breakfast, the first of his numerous assignments for the day as he wraps up his four-day India visit, reports PTI. Netanyahu interacted with business leaders at the iconic Taj hotel overlooking the Arabia Sea. This will be followed by his address to the India-Israel Business Summit, also at the same venue. Business leaders who were present at the breakfast included Ajay PiramalRahul BajajAdi Godrej, Harsh GoenkaAnand MahindraDilip ShanghviAshok HindujaAtul Punj and Chanda Kochhar.

In the first visit by an Israeli Prime Minister to the financial capital of India, Netanyahu will lay a wreath at the memorial for the victims of the 26/11 terror attacks. He will then proceed to the nearby Nariman House, where he will meet 11-year-old Moshe Holtzberg. Moshe's father Rabbi Gavriel Holtzberg and mother Rivka were killed at the Nariman House during the 2008 Mumbai terror attacks.

Netanyahu will later meet around 25 to 30 members of the Jewish community at the Taj hotel. He will cap his hectic schedule by attending the 'Shalom Bollywood' event, in which he will invite leading actors, directors, and producers in the Indian cinema industry to come to Israel to shoot movies and collaborate with the Israeli film and television industry.

10:52 No action can be taken against Hafiz Saeed, says Pakistan PM
Pakistan will not act against Hafiz Saeed 'sahib' as there is no case registered against him in the country, Prime Minister Shahid Khaqan Abbasi has said, giving a clean chit to the 2008 Mumbai attack mastermind, reports PTISaeed, the chief of the Jamaat-ud-Dawah (JuD), was released from house arrest in Pakistan in November.

The US has labelled JuD the "terrorist front" for the Lashkar-e-Taiba (LeT), a group Saeed founded in 1987. LeT was responsible for carrying the 2008 Mumbai attack that killed 166 people. Abbasi, during an interview to Geo TV on Tuesday, referred to Saeed as 'sahib' or 'sir'. "There is no case against Hafiz Saeed sahib in Pakistan. Only when there is a case can there be action," Abbasi said when asked why there was no action against Saeed, a UN-designated terrorist.

10:47 BSF jawan killed as Pakistan violates ceasefire
A Border Security Force jawan was killed as Pakistani troops opened fire and shelled Indian positions along the International Border in RS Pura sector of Jammu, reports PTI. "BSF troops are giving a befitting reply," Additional Deputy Commissioner of JammuArun Manhas, said. A BSF personnel died in the heavy shelling. He has been identified as head constable Suresh. He was a native of Tamil Nadu.

10:44 EC to announce schedule for Meghalaya, Tripura, Nagaland polls
The Election Commission will today announce the schedule for Meghalaya, Tripura and Nagaland assembly elections. The term of the Meghalaya, Nagaland and Tripura legislative assemblies is ending on March 6, March 13 and March 14, respectively. The strength of the three assemblies is 60 members each.

10:37 Bharti Airtel Q3 earnings to remain subdued, profit may fall 21% QoQ
Telecom operator Bharti Airtel is expected to report a weak set of earnings for the October-December quarter due to the continued pricing war. Analysts expect Bharti's India wireless revenue to decline 8% QoQ due to the 57% interconnect usage charge rate and downtrend in APRU (average revenue per user) to continue as incumbents extend freebies to a wider subscriber base to arrest the churn towards Reliance Jio.

Its Africa business is expected to remain insulated from intense competition in the market. But the launch of additional unlimited plans is likely to impact its India wireless EBITDA. Airtel's consolidated profit is seen falling 21% QoQ to Rs 271 crore and revenue may decline 4% to Rs 20,809 crore for the quarter ended December 2017, according to average of estimates of analysts polled by CNBC-TV18.

EBITDA (earnings before interest, tax, depreciation and amortisation) is likely to slip 5% quarter-on-quarter to Rs 7,519 crore, but margins may expand 90 basis points to 36.1% in Q3.

Bharti's Africa business EBITDA is likely to remain steady, with improvements in margin. Its Africa business may see three key moving levers - adverse currency fluctuations, merger of Ghana operations in Q3 FY18, and organic growth in Africa.

10:14 Cut in govt borrowing won’t impact sovereign rating, says Moody’s
The government on Wednesday curtailed its additional market borrowing programme by 60% to Rs 20,000 crore as it expects more transfers of surplus cash from the Reserve Bank in the current fiscal ending March 31.

Commenting on the same, Marie Diron, Senior Vice President, Sovereign Risk Group at Moody's Investors Service, said reduction in the borrowing is relatively small compared to the size of India’s economy. “The reduction will not really impact our fiscal deficit target estimate for India and hence is not too relevant to our sovereign rating.”

Despite concerns that the Finance Minister Arun Jaitley may breach the fiscal deficit target for the first time in four years, the rating agency expects the Narendra Modi-led NDA government to maintain its stance of gradual fiscal consolidation.

10:01 Direct tax mop-up jumps 19% YoY to Rs 6.89 lakh cr in FY18
Direct tax collections during the first nine-and-a-half months of the current fiscal have risen by 18.7% YoY to Rs 6.89 lakh crore, the tax department said. The collections till January 15, 2018 represent over 70% of the Rs 9.8 lakh crore revenue target from direct taxes, the Central Board of Direct Taxes (CBDT) said in a statement.

09:42 Yes Bank Q3 profit seen up 21% YoY, loan growth above 30%
Private sector lender Yes Bank's third quarter profit is expected to increase 21.2% to Rs 1,069.4 crore compared to Rs 882.6 crore in the corresponding quarter. Net interest income during the quarter is seen rising 32.2% to Rs 1,992.8 crore from Rs 1,507.5 crore in the year ago period, according to an average of estimates of analysts polled by CNBC-TV18.

09:38 Apple to inject $350bn into US economy in next 5 years
Apple has announced that it will invest and spend about $350 billion in the United States in the next five years creating some 20,000 jobs in the country, reports PTI. Already the largest US taxpayer, Apple anticipates repatriation tax payments of approximately $38 billion as required by the recent changes to the tax law.

09:30 US slaps anti-dumping duty on polyester staple fiber from China, India
The Trump Administration has slapped anti-dumping duties on stainless steel flangs and finer denier polyester staple fiber from China and India. Exporters from China and India received countervailing subsidies of 41.73% to 47.55% and 9.5% to 25.28%, respectively, the US Commerce Secretary Wilbur Ross alleged. As such he has instructed US Customs and Border Protection to collect cash deposits from importers of fine denier polyester staple fiber from China and India based on these final rates.

09:24 100 Smart Cities Mission: List of 10 smart cities to be announced on Friday
The final set of 10 smart cities for funding under the Smart City Mission will be announced on Friday, ministry sources said. The 100 Smart Cities Mission was launched by Prime Minister Narendra Modi on June 25, 2015. On Tuesday, Union Housing and Urban Affairs Minister Hardeep Singh Puri told Moneycontrol News’ Vandana Ramnani that the list will be announced soon and there will be some smart cities on the ground by June.

“We have finished the paperwork. The committee that had to evaluate the requests has finished its work. As many as 15 cities had applied out of which 10 will be selected. The announcement will be made in the next few days,” he said. The 15 cities that had sent their proposals included Itanagar (Arunachal Pradesh), Biharsharif  (Bihar), Amravati (Maharashtra), Erode and Dindigul (Tamil Nadu) and Moradabad, Meerut, Sharanpur, Bareilly, Rampur, Rae Bareli and Ghaziabad (Uttar Pradesh), Silvasa (Dadra and Nagar Haveli), Kavarati ( (Lakshwadweep) and Diu (Daman and Diu), sources said.

08:59 Bharat Forge sets up R&D facility for e-vehicles in Britain
Pune-based auto components major Bharat Forge has opened an R&D facility in Britain for developing components and sub-systems focused on e-vehicles. The Electric Mobility R&D centre will be able to tap into the extensive testing facilities at the Mira Technology Park as well as the pool of engineering talents in the British Midlands, a release said.

08:52 Sebi may limit retail participation in F&O mkt
In line with Finance Ministry’s view to restrict retail participation in derivatives market to curb risk, market regulator Sebi may introduce new measures for trading in the equity derivatives market. Sebi officials are likely to take up the matter at their next board meeting in February. Sources told Moneycontrol News’ Tarun Sharma that Sebi might increase the contract size from 5 lakh to 10 lakh at its next meeting. The Finance Ministry also wants Sebi to implement most of the measures proposed in the discussion paper that was released in July 2017.


08:13 Facing margin pressure, Axis Bank ups loan rates by 5 bpsAxis Bank, the country's third private sector lender, becomes the first commercial bank to hike lending rates by 5 basis points to 8.3%. The hike comes for the first time in three years signalling an upward turn in interest rate cycle.

Axis Bank has said it has raised lending rates by 5 basis points across all tenures with effect from January 18, as per a filing to the stock exchanges. With this, Axis Bank would charge 8.3% on loans having one year tenure for new borrowers.

Other banks could likely follow suit marking the end of easing rate cycle. The country's largest bank, State bank of India (SBI) is yet to announce any such hike in rates. The hike in the lending rates comes at a time when the yields on the government securities and corporates bonds have risen sharply. In December quarter alone the 10-year yield had risen by 67 bps which is likely to result into mark-to-market losses between Rs 15,000 crore and Rs 25,000 crore for banks.

The hike in lending rates by Axis bank will impact new borrowers while the existing borrowers will continue to have the benefit of lower rates till the end of lock-in period they have fixed with the bank. Most home loans have a lock-in period of one year from the time the loan is taken and the new rates will be effective at the end of each year.

07:55 In key earnings to watch today, Bharti Airtel is expected to report a subdued Q3. A CNBC-TV18 poll expects Yes Bank’s provisions to remain elevated and a 20% rise in sales volumes for UltraTech Cement.


07:45 HUL Q3 FY18 net profit up 27% at Rs 1,326 croreFMCG major Hindustan Unilever (HUL) reported a 27.74% increase in its net profit at Rs 1,326 crore for the quarter ended December 31. The company had posted a net profit of Rs 1,038 crore in the year ago period, HUL said in a BSE filing. Total income during the quarter under review stood at Rs 8,742 crore as against Rs 8,400 crore in the year-ago period, up 4%, it added.

On the outlook, HUL Chairman Harish Manwani said: "We remain positive about the mid-term outlook of the industry and will continue to invest strongly in our core brands and developing categories of the future". He, however, said there were early signs of commodity cost inflation and the company would further sharpen its focus on cost effectiveness programmes and manage business dynamically for competitiveness and sustained profitability.

07:34 Days before Budget 2018, GST Council set to cut rates on 70-80 items; simpler rules and procedures on anvil
The country’s six-month old revamped indirect tax system is set to undergo significant changes, which will include simplification of return filing process, amendment in laws and rules to simplify procedures, along with rate cuts of around 70 goods and services, reports Moneycontrol News’ Shreya Nandi. The Goods and Services Tax (GST) Council—the apex body for decision making headed by Finance Minister Arun Jaitley—is likely to consider the big bang recommendations from states and various officers’ panel at its meeting today.

07:27 Govt mulls allowing 100% FDI in private banks: Sources
The government is thinking of allowing 100% foreign direct investment in private banks, sources told CNBC-TV18. Increasing the permissible limit for FDI in public sector banks to 49% from the current 20% is also being considered, sources said.

07:20 Japan in driver's seat for $17bn Indian bullet train deals
Japanese steel and engineering companies are in the driver’s seat to bag major supply contracts for a $17 billion Indian bullet train, sources told Reuters, undermining a key component of Prime Minister Narendra Modi’s economic policy - a push to ‘Make in India’. Japan is funding most of the project, and Japanese companies are likely to supply at least 70% of the core components of the rail line, sources said.

07:15 Trump considers big 'fine' over China intellectual property theft
President Donald Trump said the United States was considering a big “fine” as part of a probe into China’s alleged theft of intellectual property, the clearest indication yet that his administration will take retaliatory trade action against China. In an interview with Reuters, Trump and his economic adviser Gary Cohn said China had forced US companies to transfer their intellectual property to China as a cost of doing business there. The United States has started a trade investigation into the issue, and Cohn said the United States Trade Representative would be making recommendations about it soon.

07:05 Trump accuses Russia of helping North Korea evade sanctions
US President Donald Trump complained that Russia was helping North Korea to evade international sanctions, signalling frustration with a country he had hoped to forge friendly relations with after his 2016 election win. “Russia is not helping us at all with North Korea,” Trump said during an Oval Office interview with Reuters. “What China is helping us with, Russia is denting. In other words, Russia is making up for some of what China is doing.” Asked whether he thought the United States needs more missile defence systems, he said, “Yes, yes I do. We’re ordering more missile defence and we’re ordering more missile offence also.”

  • News highlights of the day: India's economy to be USD 5 trillion by 2025, says Paytm founder
    Moneycontrol.com
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  • The GST Council today decided to provide a three-year GST exemption for viability gap funding given under the regional air connectivity scheme.

    The scheme, also known as UDAN (Ude Desh ka Aam Naagrik) seeks to connect unserved and under-served airports as well as make flying more affordable. The participating airlines are eligible for VGF subject to certain conditions.(PTI)

  • India jumped three rungs to be placed 102nd in the first FIFA rankings of the year released today. India, who are just above 103rd placed Qatar, are ranked 14th among Asian countries. (PTI)

  • IT company Tech Mahindra today announced it will acquire 17.5 per cent stake in US-based telecom software development company Altiostar Networks for USD 15 million in a cash deal. (PTI)

  • Pakistan will not act against Hafiz Saeed 'sahib' as there is no case registered against him in the country, Prime Minister Shahid Khaqan Abbasi has said, giving a clean chit to the 2008 Mumbai attack mastermind.

    Saeed, the chief of the Jamaat-ud-Dawah (JuD), was released from house arrest in Pakistan in November. (PTI)

  • Indian economy is set to double to USD 5 trillion in the next 7-8 years as booming consumption of digital services would support addition of about USD 2.5 trillion to the country's wealth, Paytm founder Vijay Shekhar Sharma said today.(PTI)

  • A court has directed issuance of arrest warrant against defaulter businessman Vijay Mallya and 18 others in the Kingfisher Airlines case, on a complaint filed by the Serious Fraud Investigation Office (SFIO).

    The probe agency, which comes under the corporate affairs ministry, has come across various violations of companies law in the case related to Kingfisher Airlines, which was grounded in 2012. (PTI)

  • Top actor Kamal Haasan, who is set to embark on a political tour of Tamil Nadu next month, today batted for unity among Southern states under the "Dravidian" tag to leverage ties with the Centre.

    "It is our identity, and it will give the southern states a leverage with the Centre," the actor said. (PTI)

  • > India's largest telecom operator Bharti Airtel today reported over 39 percent fall in its consolidated net profit for Q3 ended December 31 to about Rs 306 crore.
    > Bharti Airtel's net profit stood at Rs 504 crore in the same period previous fiscal.
    > The company saw its overall revenue decline 13 percent to Rs 20,319 crore. The company's revenue was pegged at Rs 23,336 crore in the corresponding period last financial year.
    > Bharti Airtel's overall customer base stood at 394.2 million across 16 countries, which was 9.2 percent higher over the year-ago period.

  • GST Council has cut rate on used motor vehicles and bio fuel powered buses from 28 percent to 18 percent, raised rate on cigarette filter rods to from 12 percent to 18 percent.

  • GST Council has approved rate changes of 29 goods and 53 categories of services, the Finance Minister said after the GST Council meet.

  • Deputy CM of Bihar and member of the GST Council, Sushil Modi has toldCNBC TV18that he expects slower GST collection than what was collected in November.

  • Talking about implementation of the E-way bill from February 1, Sushil Modi, the deputy Chief Minister of Bihar and member of the GST Council toldCNBC TV18that the Council has suggested states to 'start slow and not penalise'.

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